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At a special meeting of the Aderal Reserve

Board held in the office of the Board at 11:00 a. m. on

7ednesday, Hovember 11th

PR-233:1T:

Li.. Hamlin Hr. Warbur:.

Harjin

Hiller.

The Governor presided and ;:r. H. P. Willis acted

secretary to the meeting.

'The minutes of the preceding meeting were road

and approved.

On motion it was voted that ,:ircular 13, relating

to commercial paper be given out for use in the morning

papers of Thursday, :Tovember 1-th, and that the printed

copies of reports of committees at tho convention of direct-

ors, be given to the newspapers for use on Thursday evening

rovember 12.

Hr. Harding recommended a proposed regulation

relating to the custody of Federal reserve notes. After

discussion the proposed regulation was referred back to

Hardin,- as Chairman of the Committee which reported

it.

Harding recommended that a communication from

tobacco growers be answered with the statement that relief

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would probably be given to them through the organization

of the new reserve banks. The Secretary of the Board

was instructed to send such an answer.

The question of making suitable arrangements

for telephone connection with the Board room was referred

to r. Laller as a committee with power to act.

A comunication from Federal Reserve Agent Pierre

Jay, regarding arrangements for entering the vaults con-

taining securities, etc., in the custody of Federal reserve

agents, and an opinion from Secretary J. F. Jurtis of tne

Federal Reserve Bank of Ilea York with reference to the tender

of collateral to ,protect Federal reserve notes, were read to

the Board.

Harding submitted to the Board a regulation

relating to the accefitance of chocks by Federal reserve bans

at the opening of business.

On motion this regulation was referred back to the

committee of w_icA. Hardin:; is chairman, for further ex-

amination.

Questions raised by of2icers of reserve banks, re-

lating to domestic and foreign exchange functions of the Fed'

oral Reserve Banks were presented by the Jecretary to the 300

and it was info.rmally agreed that inquiring banks be informed

that the inactions in question were not to be undertaken at °11

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04,

outset.

On motion it was voted that :_essrs. Wing of

Boston, Strong of " w York, IZhoads of Philadelphia,

Fuller of 1:ilwaukee, Wade of St. Louis and Forgan of

Chicago, with Ix. Broderick of the Staff of the Fed-

eral Reserve Board, and others be asked to consider, and

give their views with reference to, the regulations to

be adorted governing he entrance of state banks into

the Federal reserve system, and also with reference to

the exercise of functions of trustee and executor by

::atioaal Banks.

The Secretary of the Board was instructed to

prepare a letter asking the persons named to give their

views and suggest regulations on this subject.

Inquiries from hr. Wm. Ingle, reserve agent at

Richmond,, were ordc,red answered with the statement that

the question of com2ensation of officers and directors

of Federal reserve banks is still under advisement.

A communication from Federal Reserve Agent Curtis

of Boston, inquiring whether Federal Reserve banks can issue

notes against lawful mr)ney and under what conditions the

functions of trustee and executor can be exercised by member

banks, was read to the Board and ordered answered.

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Communications witil referene to the power of

member bank officors to ac'r;e-jit fees or payment from'other

sources were referred to Counsel for recommendation.

On motion at 12:30 p. m. the Board adjourned to

meet a :00 p. m.

APPROVED:

Chairman.

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